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financial crisis

The Cape of Perfect Storms: Colonial Africa’s first financial crash, 1788-1793

Roy Havemann and Johan Fourie
This paper investigates the causes and consequences of colonial Africa’s first financial crash, which happened in South Africa’s Dutch Cape Colony. The 1788–1793 crisis followed a common sequence of events: trade and fiscal deficits were monetized by printing money, credit extension accelerated,...
Apr 2015
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